Economics Definitions

Related to money, this is the money that you make.

• Income

• Expense

• Credit

• Save

Related to money, this is the money that you spend.

• Income

• Expenses

• Credit

• Spend

Which one of these definitions best describe 'Opportunity Costs'?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RL.7.2

CCSS.RI.7.2

CCSS.RI.8.2

CCSS.RL.8.2

CCSS.RI.6.2

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

Which of these is a need?

• car
• water
• video games
• candy

If there are only 100 televisions on sale and 200 people want to buy TV's, that is a problem of ____. 

• desire
• demand
• supply
• scarcity

Which of the following is NOT an internal factor that changes supply?

• Production costs

• Price of related goods

• Tariffs

• Training staff

If there is an increase in supply, which way will the curve shift?

• Left

• Right